Business Opportunities in Kansas

Kansas ranks 33rd in economy size among U.S. states and Washington, D.C. This ranking reflects the state's total output, as indicated by its real Gross Domestic Product (GDP) of $217.0 billion in the first quarter of 2023. The GDP growth rate for Kansas in the same period was 6.0% annually. This growth signals a recovery and resilience in the state's economy, especially considering the global economic challenges in recent years.

The employment scenario in Kansas is equally promising, with the unemployment rate standing at a lower-than-national-average of 2.7% as of July 2023. Employment projections are optimistic, with an expectation of adding 8,819 jobs in 2023, growing at a rate of 0.6%, and 11,464 jobs in 2024, growing at 0.8%. This positive trajectory in job creation indicates a recovering and strengthening labor market, a crucial factor for the success of franchises.

Diving deeper into industry-specific growth, Kansas shows diversity and strength in several key sectors. Notable industries include bioscience, technology, financial services, distribution, and food and beverage, particularly in the Kansas City metro area. The state's GDP growth reflects this diversity, with an expected increase of 2.4% in 2023 and 2.1% in 2024 across all industries. Sectors like manufacturing, transportation and warehousing, and professional, scientific, and technical services are expected to grow steadily.

Cities and Industries

Overland Park, KS, has a robust economic foundation, marked by a high median household income of $100,241 and significant consumer confidence, as seen in the estimated per capita income of $58,407. This financial health is mirrored in the local spending habits, with a notable $588.9 million allocated to entertainment and $363.1 million to apparel, indicative of disposable income and a lifestyle that values leisure and fashion. The strong corporate presence in the city not only shapes its professional workforce but also drives a high demand for business services, suggesting franchising opportunities in corporate consulting, upscale business attire, and business-to-business services. The housing market, with a median home value of $327,845 and a substantial portion of housing units built in the last 20 years, reflects an upwardly mobile population likely to invest in home services, renovation franchises, and the real estate market.

Turning to Wichita, KS, the landscape is quite different. The city’s average household income is lower at $69,390, with a more modest per capita income of $29,342. Consumer spending in Wichita leans heavily towards practical expenditures, with transportation costs reaching $900.86 million, suggesting a demand for automotive franchises, including repair shops and part stores. Health care expenditure stands at $427.46 million, reflecting the need for accessible medical services and health-related franchises. Additionally, with a median home value of $131,935 and a significant number of homes built before 1939, there’s a clear opportunity for home improvement and repair franchises, as well as those specializing in restoration and historical preservation. Wichita’s demographics suggest a market for franchises that cater to a wide range of income levels, with opportunities for cost-effective home solutions, health services, and family-friendly dining establishments.

Website Analytics

Our website analytics on visitors from Kansas indicate a significant interest in business opportunities, yet there seems to be a gap between initial interest and further engagement, with a 77.03% bounce rate and an average session duration of just 48 seconds. For potential franchisees, this suggests that Kansas could represent a landscape with high initial curiosity about franchising, but where your competitors may not be effectively advancing in their franchising journey. This scenario could signal an advantageous position for new franchisees to act now and enter an unsaturated Kansas market.

Franchise Opportunities

Kansas offers an expansive range of businesses for sale, supported by a stable and dynamic economic environment. Delve into Kansas's potential market to discover a franchise that aligns with your business vision.